Whether you are a professional trader or investor, or you are just an ordinary citizen, you want to know what to expect in this rapidly changing world. Currencies have become an inseparable part of our lives. For centuries, financial systems have been evolving, improving, and providing people with means to buy and sell.
While just a couple of decades ago, most specialists believed that cryptocurrency is not more than a game, crypto coins have proven to be more serious than just a game. During the last years, many new cryptocurrencies have evolved and became relevant to the financial market. Now, however, when the entire world stopped in an effort to fight the pandemic, and people are trying to find some stability, cryptocurrencies seem to be the solution.
So, what is happening with cryptocurrency today? What are the trends and what do you need to pay attention to? Here are the main highlights of what happened to cryptocurrency today:
- Bitcoin halving is coming;
- Ripple enters into an agreement with a leading bank of Thailand;
- The Ethereum price is growing.
Read on to get to know everything about the main crypto coins today.
What Is Happening with Cryptocurrency Today? Bitcoin Is Moving to an Important Event
If you ask what is happening to cryptocurrency today, you will see that the main news is about BTC halving. However, until then, still many things will have happened. During the last month, bitcoin has experienced extreme volatility. It was connected with instability in the economical and financial fields. The price for one coin was fluctuating from around 4,000 USD up to 9,000 USD per coin.
Now, when the situation is becoming more complicated, and the financial institutions, such as US Federal Reserve, the Reserve Bank of Australia, and the European Central Bank have announced easing measures to fight with the crisis, the bitcoin stays a safe asset for investors because no more coins can be generated than it is embedded in the algorithm.
The bitcoin is moving to the third halving in its history. It is scheduled for the 13th of May. After it, miners will get half of the present award for every mined coined.
Usually, every halving is supposed to create coin deficiency in the market. Hence, the price of the coin starts growing. Now, experts still doubt whether the bitcoin price is going to grow like it was all the time. However, the bitcoin, most likely, will not drop lower than 3,000 USD per coin. The reason for that is simple: this is the minimum price for which miners would work. If the price drops lower, miners will not get any profit for mining coins.
What Happened to Cryptocurrency Market Today, or News about Ripple
Ripple with its XRP coins is one more important cryptocurrency. When we are asking about what happened to cryptocurrency today, we cannot ignore XRP. Let us remind you that Ripple is a very specific cryptocurrency. It is aimed not at individual users, like other coins. Its main target is banks and financial corporations. Ripple was created to facilitate transactions between clients and eliminate the intermediator fees. So, in the case with XRP, we can check what happened to crypto today in a very specific field.
One of the main events, for now, is the partnership with Siam Commercial Bank of Thailand. This partnership is aimed to reduce the fees for money transfers and to eliminate the time needed to transfer funds from Europe to Thailand. While the price of XRP has been more or less stable recently, this agreement can boost the price of this cryptocurrency.
What Happened to Cryptocurrency Market Today if We Check Other Cryptocoins?
Of course, under ‘other cryptocoins’ we mean relevant cryptocoins that have been forming the market along with bitcoin. When you are asking about what happened with cryptocurrency today, you cannot ignore Ethereum. Some people are still asking whether Ethereum is better than bitcoin and if yes, then what advantages it has. Ethereum is not better or worse. It is completely different. It is a platform that is used in many different ways. Ethereum is known mostly for its smart contracts. They allow developers to program their own functionalities.
For now, the Ethereum price constantly grows. At times, the ethers grow in price even higher than bitcoins. It might be due to the fact that Ethereum is not only a kind of cryptocurrency but much more.
What Happened to Crypto Today and What Should You Expect Tomorrow?
Thus, when you check what happened with cryptocurrency today, and in general what is happening now, you will see that it is being influenced by the general depressive mood. But if you consider the fact that some exchanges and major brokers have already announced a boost in trading volumes, we can expect rapid growth of cryptocurrency prices. There are several reasons to believe so:
- Cryptocurrency is decentralized, nobody can print more coins than there are initially embedded in an algorithm;
- Cryptocurrency functions everywhere and is available everywhere;
- Crypto coins prices do not depend directly on something like oil, gold, and similar. Their prices depend on the market and users;
- Cryptocurrency is highly scalable;
- The main crypto coins are not prone to the main inflation reasons. Thus, they are a much safer investment than fiat money.
Of course, the time of cryptocurrency hasn’t come yet. It is still not mature enough to replace powerful banking systems based on fiat money. But if we analyze thoroughly what happened with cryptocurrency today, we can see that it might be the future of the financial world.